Earnings Play: Intuit

How to play Intuit's earnings

New Highs 4

On Thursday, after market, Intuit (INTU) is expected to report third quarter EPS of $4.64 compared to $5.55 a year ago on revenue of appx. $3.0B vs. $3.3B last year. The company develops and markets accounting software for small and medium sized businesses, and the company's current analyst consensus rating is 13 buys, 7 holds and 2 sells, according to Bloomberg. 
Looking at a daily chart, Intuit's stock price has been rising inside an ascending wedge pattern that began to form around the last market bottom in late-March. The pattern is nearing completion and price will either break out to the upside continuing the trend or to the downside reversing the trend.  The stock appears to be headed to retest the record high around the 306.00 resistance level and if the momentum can keep up, price may be able to make new highs. If price slips under the 20-day moving average we may see a retracement to $268.00 and a possible drop to the $250.00 resistance level.         

Source: GAIN Capital, TradingView

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